Hong Kong, Oct. 14 -- China has suddenly moved to control global access to rare earth elements - REEs for short - that are vital for semiconductor and microchip production. Beijing can do so because it dominates the rare earths market. In fact, China produced 240,000 tons in 2023, equating to 68.6% of global REEs.

Such ascendancy exposes the vulnerability of the USA, which considers China its top strategic rival. Even more, China accounts for 90% of all REE processing, a figure that rises to 99% for heavy rare earth processing. According to the US Geological Survey, 40% of rare earth reserves are found in China.

Referring to Beijing's new export controls, Dean W. Ball, a Senior Fellow at the Foundation for American Innovation, exclaimed...